SAFE Guidance Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill requires financial agencies, such as the Consumer Financial Protection Bureau and the Treasury Department, to include a statement clarifying that their guidance does not have the force of law. This statement will be prominently displayed on any new guidance issued after the bill’s enactment, ensuring regulated entities understand that following the guidance is not a legal obligation. The bill aims to increase transparency and limit the potential for agencies to overstep their authority by interpreting regulations.
Key provisions
- Financial agencies must include a guidance clarity statement on new guidance.
- The statement clarifies that guidance is not legally binding.
- The statement emphasizes that noncompliance with guidance does not automatically constitute a legal violation.
- The bill defines ‘financial agency’ to include several key regulatory bodies.
- The bill defines ‘guidance’ to exclude rules, adjudications, and internal legal advice.
Who is affected
- Financial institutions
- Regulated entities
- The Bureau of Consumer Financial Protection
- The Department of Housing and Urban Development
- The Department of the Treasury
Notable changes
- This bill adds a specific requirement for agencies to explicitly state that their guidance is not legally binding.
Bill text
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1 on record
Primary sponsor
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